D.R. Horton buys first two filings of Long Farm
By Stephanie Riegel
Published Jan 23, 2013 at 3:00 pm (Updated Jan 23, 2013)
National homebuilder D.R. Horton has signed a purchase agreement for an undisclosed price to acquire all 65 lots in the first filing of The Long Farm as well as the undeveloped lots in the second filing. The Long Farm is a TND on Barringer Foreman Road that Russell Mosely is developing on a 237-acre tract of land that once belonged to his legendary grandfather, the late U.S. Sen. Russell Long.
Mosely had previously signed purchase agreements with 10 local builders to develop the project—which is trying to establish itself as a quintessentially south Louisiana community with a strong sense of place and history—but gave them the option to bow out once Horton made an offer that was too good to refuse.
"I exempted the local builders' lots from my agreement with Horton and gave them all the opportunity to stay in, but Horton can acquire product in bulk and offer a house for less, and I understand it is hard for a local builder to compete," Mosely says. "This was a business decision that I think will help us move the product, and it just makes sense."
Mosely will retain architectural control over the project and says Horton shares his vision for the kind of amenities and design elements that will be available in The Long Farm.
"This is different from anything else Horton has done in this area," Mosely says, adding that homes will feature wraparound porches, wood-clad windows, high ceilings and granite countertops.
While Horton has agreed to build homes in the development with the same level of amenities as other local builders had promised, houses will be offered at slightly lower price points, Mosely says.
"I think we'll be able to lower the price for the end product," he says.
At the low end of the spectrum, that price point will be in the $300,000 range, he says, adding that the size of the homes will remain unchanged at between 1,800 and 3,500 square feet.
Read more from Business Report here: http://www.225batonrouge.com/article/20130123/BUSINESSREPORT0112/130129905/DR-Horton-buys-first-two-filings-of-Long-Farm#ixzz2KJuuQSg6